FUGITIVE ECONOMIC OFFENDER LAWS

FUGITIVE ECONOMIC OFFENDER LAWS

In recent times, there have been several instances, when for the purpose to avoid criminal trial, economic offenders have fled from India. Most of such cases involve non - payment of huge bank loans and statutory dues thereby adversely affecting the financial health of the banking sector in India. In order to tackle this issue and to deter economic offenders from evading the jurisdiction of Indian Courts, the Indian Parliament passed the Fugitive Economic Offenders Act, 2018 w.e.f. 21st day of April, 2018.
The Act empowered the Courts to declare Fugitive Economic Offender who has committed a scheduled economic offence involving amount of Rs, 100 crores or above and refuses to return to India to face trial.
The Act, inter alia, provides for the attachment & confiscation of property of a fugitive offender, bar any economic offender from putting forward or defending any civil claim.
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